Gas pipeline “North-South”, about the construction of which Russia and Pakistan agreed on, will change the name to Pakistani Stream. This is stated in the minutes of making changes to the Agreement between countries published on the official Internet portal of legal information.
Russian investors will receive at least 26 percent of the route shares. Among them will be the Eurasian pipeline consortium and pipe metallurgical company (TMK).
The controlling stake in the gas pipeline will remain in the Pakistani side, but states will establish a special purpose company. At the same time, the Russian side is given the right of a decisive voice in choosing a construction contractor and in matters related to the project and equipment supplies.
In December last year, the adviser to Pakistan Prime Minister Nadym Babar argued that the construction of the gas pipeline will begin in July 2021. In the current document, the deadlines are not specified.
A year ago, Pakistan returned Russia the debt of the Times of the USSR in the amount of 93.5 million dollars. After that, countries have no financial obligations. As explained in the Ministry of Finance, the settlement of the issue will help the development of bilateral relations and serve as an influx of investments from Russia to Pakistan.